The housing market is shifting toward affordability, say Northeast Florida real estate agents

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JACKSONVILLE, Fla. – The Northeast Florida Association of Realtors says the housing market is shifting toward affordability.

Prices have exploded in recent years. High rents, inflation, insurance exits and a property insurance crisis have all contributed to this.

Mark Rosener, the president of NEFAR 2022, says we may see some relief soon.

“The average prices in the market as a whole and in the individual markets in which we operate appear to have stabilized,” said Rosener. “It goes a little up, a little down. But when you average it, it’s pretty much stayed the same.”

Rosener also says interest rates have leveled off — making housing difficult to afford earlier this year.

Now more people are working in our area, which drives up the median income.

The affordability index fluctuates. NEFAR gave News4JAX data showing where some counties in northeast Florida stand in August. Duval County was 79.5 — a small increase from July’s 79. Clay County was 75 — a 5.6% increase from July. St. Johns County remained the least affordable place to live in the region — with an index of 49. Putnam County saw a decline when it was recorded at 113, but it remains the cheapest place to live compared to other counties in Northeast Florida. Nassau County has an index of 67.5 — a 42.3% increase from July.

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“There are affordable apartments on our marketplace,” said Rosener. “But I think overall we need to do something in our communities to provide more affordable housing.”

Inventory is still historically low in our area and we are a long way from affordable houses for middle-income families. But Rosener says the home affordability index is up 2.9% to 70 for a single-family home, so he says he’s moving in the right direction.

There is no immediate solution to the problem. Rosener recommends contacting the Jacksonville Housing Authority if you need to find a home right away and checking out different insurance companies.

Copyright 2022 by WJXT News4JAX – All Rights Reserved.

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